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H.R. 1748: Taxpayer and Gas Price Relief Act of 2011

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H.R. 1748: Taxpayer and Gas Price Relief Act of 2011

112th Congress · introduced 2011-05-05 · Energy · Latest: Referred to the Subcommittee on Energy and Mineral Resources.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2011-05-05 · official record
  2. Who proposed it: Rep. Bishop, Timothy H. [D-NY-1] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the Subcommittee on Energy and Mineral Resources. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Taxpayer and Gas Price Relief Act of 2011

Plain summary

Taxpayer and Gas Price Relief Act of 2011 - Amends the Internal Revenue Code to deny major integrated oil companies: (1) a tax deduction for income attributable to producing, refining, processing, transporting, or distributing oil, gas, or primary products thereof; (2) the last-in, first-out inventory method; and (3) deductions for intangible drilling and development costs in the case of oil and gas wells. Deficit Reduction Through Fair Oil Royalties Act - Prohibits the Secretary of the Interior from issuing new oil or natural gas production leases in the Gulf of Mexico under the Outer Continental Shelf Lands Act (OCSLA) to certain lessees unless they have renegotiated covered leases to require the payment of royalties if the price of oil and natural gas is greater than or equal to specified OCSLA price thresholds. Requires rentals or royalties received by the United States to be deposited in the Treasury for federal budget deficit reduction or, if there is no federal budget deficit, for reducing the federal debt. Directs the Secretary to agree to a lessee's request to amend any lease issued for any Central and Western Gulf of Mexico tract in the period of January 1, 1996, through November 28, 2000, to incorporate price thresholds applicable to royalty suspension requirements that are equal to or less than the price thresholds specified under OCSLA. Federal Price Gouging Prevention Act - Makes it unlawful for any person, during a proclaimed international crisis affecting the oil market, to sell gasoline or any other petroleum distillate at a price that: (1) is unconscionably excessive; and (2) indicates the seller is taking unfair advantage of the circumstances of the crisis to increase prices unreasonably. Authorizes the President to issue such a proclamation. Enhanced Supply and Price Reduction Act of 2011 or the Enhanced SPR Act - Amends the Energy Policy and Conservation Act to authorize the Secretary of Energy (DOE) to sell at least 30 million barrels of petroleum from the Strategic Petroleum Reserve (SPR) and acquire refined petroleum product. Requires the Secretary to deposit the cash proceeds from such sales into the SPR Petroleum Account. Authorizes the President to instruct the Secretary to drawdown and sell or exchange petroleum product in a specified amount from the SPR if a circumstance exists of such significance and scope that action would be warranted to address market manipulation or otherwise be in the public interest.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Taxpayer and Gas Price Relief Act of 2011

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Bishop, Timothy H. [D-NY-1] · 19 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Edward J. Markey (D-MA), Judy Chu (D-CA), John B. Larson (D-CT), Chris Van Hollen (D-MD), Eleanor Holmes Norton (D-DC), Doris O. Matsui (D-CA), Stephen F. Lynch (D-MA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Authorization
A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong112-hr1748 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112